Barclays (NYSE: BCS) shares surged in London Monday after the firm reassured investors in a letter to shareholders it didn't need more capital. But France's BNP Paribas said it would take more cash from the government following a 1.4 billion euro ($1.8 billion) loss in the latest quarter. Finally, ING (NYSE: ING), the Dutch financial services firm, also received government aid as it is expected to announce it had a net loss of 3.3 billion euros in the fourth quarter, that it would cut 7,000 jobs, and that its CEO would step down. BCS shares gained over 44% in premarket trading and ING's gained over 19%.
Caterpillar (NYSE: CAT) and McDonald's (NYSE: MCD) are two Dow components set to report earnings this morning. CAT said its fourth-quarter profit fell to $661 million, or $1.08 a share, from $975 million, or $1.50 a share, in the year-ago quarter. Revenue rose 6% to $12.9 billion. For 2009, Caterpillar gave a a much lower guidance than analysts had expected, $2.50 vs. $4.35 EPS. CAT also said it would slash 20,000 jobs. CAT shares fell over 11% in premarket trading.
Meanwhile, MCD delivered what at first glance seems to be better-than-expected earnings of 87 cents vs. 84 cents. It even plans to invest $2.1 billion of capital to open about 1,000 new McDonald's restaurants.
American Express (NYSE: AXP) is the third Dow component tor report quarterly results after the close of trading today and is expected to report fourth-quarter earnings of 20 cents a share.
Philips Electronics (NYSE: PHG) is another Dutch company to announce jobs cuts, as Europe's largest consumer-electronics firm said it swung to a fourth-quarter loss of 1.47 billion euros ($1.9 billion) thanks to a write down. It plans to cut 6,000 jobs. PHG shares were 6.7% higher in premarket trading.
Walgreen Co. (NYSE: WAG) named Gregory D. Wasson, who was president and COO, as its new CEO effective Feb. 1. Wasson will retain the position of president.
Other companies expected to report today include Texas Instruments (NYSE: TXN) with 13 cents EPS estimated,
Kimberly Clark (NYSE: KMB) with $1.02 EPS estimated, Tyson Foods (NYSE: TSN) with 21 cents EPS estimated, Amgen (NASDAQ: AMGN) with $1.05 EPS estimated and Halliburton Co. (NYSE: HAL) with 74 cents EPS estimated.
Starbucks (NYSE: SBUX) could lay off as many as 1,000 employees, including headquarters workers, district managers and field employees according to a report by investment firm McAdams Wright Ragen in Seattle.
Sprint Nextel Corp. (NYSE: S) actually said it will eliminate 8,000 jobs in the first three months of 2009 at every level of the company and result in $1.2 billion in annual savings. Sprint also moved up its fourth-quarter earnings release to Feb. 19. Sprint shares declined over 3.2% in premarket trading.
Starbucks (NYSE: SBUX) could lay off as many as 1,000 employees, including headquarters workers, district managers and field employees according to a report by investment firm McAdams Wright Ragen in Seattle.
Sprint Nextel Corp. (NYSE: S) actually said it will eliminate 8,000 jobs in the first three months of 2009 at every level of the company and result in $1.2 billion in annual savings. Sprint also moved up its fourth-quarter earnings release to Feb. 19. Sprint shares declined over 3.2% in premarket trading.
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